Jet Airways Q4 net profit at Rs.88.01 Crores, to raise US$400 million through Rights Issue

Jet Airways India Ltd has announced the financial results for the quarter & year ended March 31, 2007. The Unaudited results for the Quarter ended March 31, 2007 are as follows: The Company has posted a net profit of Rs 880.10 million for the quarter ended March 31, 2007 as compared to Rs 2271.20 million for the quarter ended March 31, 2006. Total Income has increased from Rs 19501.90 million for the quarter ended March 31, 2006 to Rs 19890.30 million for the quarter ended March 31, 2007.

The Audited results for the Year ended March 31, 2007 are as follows: The Company has posted a net profit of Rs 279.40 million for the year ended March 31, 2007 as compared to Rs 4520.40 million for the year ended March 31, 2006. Total Income has increased from Rs 60875.70 million for the year ended March 31, 2006 to Rs 74013.10 million for the year ended March 31, 2007.

The Board of Directors of the Company at its meeting held on June 26, 2007 has recommended a dividend of 60% (Rs 6.00 per Equity Share of Rs 10/- each) on the Equity Share for the Financial Year 2006-07.

The Board also approved the Rights Offering of an amount of up to US $ 400,000,000 or an equivalent amount in Indian Rupees. Further decisions including pricing, basis etc. will be taken by the Committee of the Board which has been empowered to do so.

The stock was trading at Rs.808, up by Rs.5.05 or 0.63%. The stock hit an intraday high of Rs.813.15 and low of Rs.792. The total traded quantity was 114154 compared to 2 week average of 57505.

Source : Equity Bulls

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